Legal aspects for the International Buyer
Buying a home is one of the most important events in anyone’s life, and sometimes it is even more exciting if the property to be bought is a holiday home. All the buyer is thinking about is the new country, the culture, a warmer weather to enjoy! Everything seems to be advantages.
The buying process should be simple, although many of us know that sometimes this may not be the case … the buyer comes with the idea of their dream home but they find themselves dealing with unknown legislation and bureaucracy.
From the first visit to the home, with the help of the real estate agent, to the signing of the deed of sale and mortgage, there are several important steps to consider and having the help of professionals in each one of them is the key to a successful operation and a satisfied and happy customer!
Once the property has been chosen, it is necessary to start with the preparation of all documents and contracts. One option for the parties is to ask a lawyer for help who, as an expert in the matter, is in charge of preparing them.
The negotiation of real estate contracts does not always go through the hands of a lawyer and, although it is a very common practice for non-resident buyers of certain nationalities and less for others, their intermediation is becoming more and more common, and one of their main advantages is that legal representation enables the lawyer to carry out many tasks and duties on the clients behalf, reducing their need to travel back and forth, such as:
– Preparation of power of attorney.
– NIE´s request. ( See next article)
– Review and preparation of contracts.
– Due diligence of the legal, technical and urban situation of the property, etc.
– Completion at the notary.
The reasons for choosing a lawyer as a legal representative in the process of the property purchase is mainly based on their specialized knowledge in the matter, however, there are several practical points to consider, especially when the buyers are non-residents and / or when applying for a mortgage.
As soon as the power of attorney is signed, either in Spain or abroad, and duly legalized, buyers can forget about the cumbersome tasks of preparing everything or even attending in person to completion at the notaries office.
In fact, since the entry into force of the Real Estate Credit Law 5/2019, which requires the buyer, who purchases a property though a mortgage, to attend to the notary on two different occasions (one for the signing of the bank´s offer and to get free counseling from the notary regarding the future mortgage to be signed– which is obligatory, and another for the purchase + mortgage) with a minimum period of 10 days between them, the help of a lawyer has become more essential than ever and many decide to delegate this task to their legal representative.
In this way, the buyer can use his time in many other ways, such as thinking about the possible refurbishment or decoration of his future house or preparing the housewarming party!
Hoy es noticia
De Cos dice que la reputación de la banca «es un tema muy serio» del que las entidades no son del todo conscientes
El Banco de España estudiará si las entidades financieras excluyen a personas con discapacidad de la hipoteca inversa
El Banco de España sugiere que es mejor comprar una vivienda que alquilar